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Government announces £27m for staff training

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The Department for Work and Pensions has announced plans to invest £27 million of European Social Fund money to help people improve their skills and stay in work, or develop new skills required for future employment.

The news coincides with a report which shows that organisations investing in their staff could save money, improve motivation and increase employee retention.

The Nurturing Talent Report, which examines the impact of external recruitment versus developing internal talent, also found that successful organisations use formal training policies.

The report showed that more than three-quarters of employers (78%) see skills development as more beneficial to their organisation than recruiting staff externally.

Dr Emma Parry, senior research fellow, Cranfield School of Management, said: “With training budgets arguably among the first to go in a recession, this research demonstrates that growing your own is an effective way for organisations to obtain the skills they need while saving money.

"For employers, the nurturing talent concept means managing and developing employees to achieve business goals.

“This could include training, employee coaching, staff mentoring and job enrichment to stretch employees with new tasks.”

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